SB 569 Summary

• Repeals three obsolete fund provisions: the Higher Education Institutions Performance Fund, the Riverside Vocational Technical School Fund Account, and the School-Age Children Eye and Vision Care Fund (with remaining funds transferred to the Public School Fund Account for school-based health centers).

• Establishes revenue allocation formulas for fiscal year 2023-2024 and thereafter, with the Treasurer making monthly transfers of general revenues totaling $6,009,462,852 in Allocation A and up to $192,648,539 in Allocation B to various state funds and accounts.

• Allocates revenues to major fund categories including Public School Fund, General Education Fund, Department of Human Services Fund, State General Government Fund, and Institutions of Higher Education with specific dollar amounts designated for each account.

• Declares an emergency to ensure the fiscal law changes take effect on July 1, 2023, at the beginning of the fiscal year, citing the need for timely implementation before the 90-day post-adjournment period expires.

• Includes a duplicate acts clause specifying that if an identical House bill and Senate bill are both enacted, the last Act passed or latest expression supersedes the other.